Dejour Enterprises Ltd. of Vancouver, BC, signed a letter of intent to purchase certain proven producing and undeveloped reserves, approximately 2,100 acres of associated land, data and wells in Liberty County, TX, effective Aug. 1, 2007 for US$3.5 million cash with minor gas balancing adjustments, the company said. The purchase includes four wells; two wells currently producing gas with associated condensate in excess of 12 MMcf of natural gas combined, one new well currently being placed on line with similar pressures and one standing cased well; all drilled to approximately 12,000 feet. Working interests range from 11.38% to 15.9%. LaRoche Consultants of Dallas, on behalf of Dejour Energy USA Inc., a wholly owned subsidiary of Dejour, is providing independent engineering reports assigning NI 51-101 compliant gross proven reserves associated with this purchase of 9.3 Bcf and 130,000 bbl of condensate based on the New York Mercantile Exchange strip case. Production from this field is expected to be enhanced when the new well is placed on stream. Dejour anticipates additional wells to be drilled in the future. Dejour said it expects to close the transaction on or before Sept. 14, assuming no due diligence issues. The purchase will be funded from cash on hand.
Atlas Pipeline Partners LP subsidiary Atlas Pipeline McKean LLC has completed the acquisition of gas gathering and processing assets in McKean County, PA, consisting of approximately 21 miles of gathering pipelines, a gas processing plant with capacity of 10 MMcf/d and related equipment and delivery taps into the National Fuel Gas system. The purchase price was $6.1 million with additional future gas volume-based incentive payments to be made to the seller. “I am very happy to be able to announce this acquisition as it will allow the Partnership to earn fees from the gathering and removal of natural gas liquids from gas produced in an area of active drilling by a number of operators, including Atlas Energy Resources LLC,” said partnership President Michael Staines. “Target formations include natural gas liquids-rich shallow formations and potentially the deeper Marcellus Shale formation. In addition we have identified several organic growth opportunities that we will undertake in the next few months.”
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